Puerto Rico Offshore Banking

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Table of contents

  1. Offshore banking in Puerto Rico – advantages
  2. List of popular banks in Puerto Rico
  3. How to open a bank account in Puerto Rico
  4. FAQ about banks in Puerto Rico

OFFSHORE BANKING IN PUERTO RICO – ADVANTAGES

For many US citizens, Puerto Rico is a regular travelling destination for their holidays. The exotic scenery, tasty food and Caribbean culture make Puerto Rico a popular place for tourists. But in the financial world, Puerto Rico is not only a homeland for the piña colada but also an important banking jurisdiction ready to offer a range of financial services.

 

Few may also know that Puerto Rico is a commonwealth territory governed by the US. So even though the island participates in various international competitions as a separate country, it is not independent. At the same time, the island benefits from a list of tax incentives, which are not available to the US mainland.

 

You may wonder what the reason is why offshore banks in Puerto Rico are so popular with international businesses. Well, it would be fair to say there is a magical mix of features that drives businesses to open an account there.

 

1. Confidentiality and asset protection

Following the introduction of the Automatic Exchange of Financial Information (OECD/CRS) standard, confidentiality is no longer a second name in banking services. As practice shows, international banks are increasingly unwilling to risk their banking licence to protect the privacy of their clients.

 

However, banks in Puerto Rico remain an exception today, as Puerto Rico is not part of any automatic exchange agreement so far. Consequently, the financial information of account holders remains within a banking institution, which ensures asset protection.

 

2. Appealing tax incentives

The banking sector has long established itself in Puerto Rico because the local government introduced favourable tax treatment. In particular, low income tax rates for services, including banking services, became one of the most significant advantages. International banks consequently rushed to establish their representative offices or headquarters there.

 

Moreover, the process of obtaining a banking licence in Puerto Rico is not overly complicated. As a result, offshore banking in Puerto Rico is today competing with reputable Caribbean financial centres such as the Cayman Islands.

 

3. Stable banking system

Puerto Rico remains a stable offshore banking jurisdiction, particularly as its official currency is the US dollar. A number of well-known US banks have settled on the island, attracting more and more international clients. Puerto Rico has also not experienced a major political crisis in recent decades, which has contributed positively to the overall reliability of the local banking system.

 

4. Developed infrastructure

Due to its geographical proximity to the US, Puerto Rico has well-developed civil infrastructure. Transport, social services, healthcare and education are of high quality. In addition, the primary language of communication remains English. Thus, Puerto Rico as an offshore banking jurisdiction can easily accommodate clients from various jurisdictions worldwide.

 

5. Digitalization of offshore banking

Banks in Puerto Rico strive to regularly upgrade their services. As a result, the internal banking infrastructure, including online banking, is very well developed. Puerto Rico’s banking system is also actively developing digital banking – for example, remote account opening and a fully online banking licence are among the island’s key advantages.

 

6. Island paradise

Opening an offshore account is not the sole reason why millions of people visit Puerto Rico annually. In fact, the island is an excellent place to live. Relatively low prices, beautiful natural surroundings and tasty local cuisine – and this is hardly a complete list of the island’s advantages.

 

LIST OF POPULAR BANKS IN PUERTO RICO

NODUS BANK

Incorporated in 2009, Nodus Bank has earned a reputation as a reliable bank in Puerto Rico. The bank is supervised by Puerto Rico’s banking regulator (also known as the Office of the Commissioner of Financial Institutions). Furthermore, the bank’s business activities are also governed by the federal laws of the United States of America. Such dual regulation guarantees the bank’s clients an adequate level of protection for their funds. Since Nodus Bank holds an international license, it only provides its banking services to businesses and individuals residing outside of Puerto Rico.

  • Corporate account
  • Individual Account
Location
NODUS BANK
Personal Visit
Not required
Type of Account
Current Account
Online Banking
Yes
Currencies
USD only
Card
Yes, Mastercard
Minimum Initial Deposit
N/A (but annual fee is USD 100)
Time to Open
Up to 4 weeks
Minimum Monthly Balance
USD 10 000
Service Fee
GBP 399
Location
Puerto Rico
Personal Visit
Not required
Type of Account
Current Account
Online Banking
Yes
Currencies
USD only
Card
Yes, Mastercard
Minimum Initial Deposit
N/A (but annual fee is USD 50)
Time to Open
Up to 4 weeks
Minimum Monthly Balance
USD 500-1000
Service Fee
GBP 399
Location
Personal Visit
Type of Account
Online Banking
Currencies
Card
Minimum Initial Deposit
Time to Open
Minimum Monthly Balance
Service Fee
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MEDICI BANK

Medici Bank was established in 2016 and has already gained a reputation as a solid financial institution providing its banking services to clients all over the globe. It is one of the offshore banks in Puerto Rico, delivering its services daily to clients hailing from nearly 100 jurisdictions (except the US). The bank makes it possible to open a bank account in a very straightforward manner, as the entire process can be completed remotely. Medici Bank is by far one of the best institutions offering reliable online banking in Puerto Rico. Currently, the bank opens a bank account only in USD, however, from the beginning of next year, Medici Bank will be able to provide multicurrency accounts for their clients.

  • Business account
  • Individual account
Location
MEDICI BANK
Personal Visit
Not required
Type of Account
Demand Deposit Account
Online Banking
Yes
Currencies
USD only
Card
No cards at the moment
Minimum Initial Deposit
USD 10 000
Time to Open
Up to 4 weeks
Minimum Monthly Balance
USD 2 500
Service Fee
GBP 399
Non-cooperative jurisdictions
The list of 42 non-cooperative countries
Non-cooperative industries
15 prohibited industries
Additional fees
for MSB/crypto businesses only
Additional information
friendly for gaming, crypto and MSB
Location
Puerto Rico
Personal Visit
Not required
Type of Account
High-Yield Certificate of Deposit Account
Online Banking
Yes
Currencies
USD only
Card
No cards at the moment
Minimum Initial Deposit
USD 50 000
Time to Open
Up to 4 weeks
Minimum Monthly Balance
N/A
Service Fee
GBP 399
Non-cooperative jurisdictions
The list of 42 non-cooperative countries
Non-cooperative industries
15 prohibited industries
Location
Personal Visit
Type of Account
Online Banking
Currencies
Card
Minimum Initial Deposit
Time to Open
Minimum Monthly Balance
Service Fee
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HOW TO OPEN A BANK ACCOUNT IN PUERTO RICO?

The process of getting a Puerto Rico bank account comprises the following steps:

 

1. Meet our team

Astra Trust will be happy to open an account for you. Simply fill in our contact form or send us a request to info@astra-trust.com. We have an extensive network of contacts, making the whole process run smoothly. Please note that Astra Trust only cooperates with reliable banks in Puerto Rico.

 

If you are interested in opening an offshore bank account in other jurisdictions (EEA/Hong Kong/Belize/Nevis/UAE and others), please don’t hesitate to contact us.

 

2. We help you collect all necessary documents

We know that to open an account is not an easy task. In practice, international banks can ask for as many documents as possible to meet the requirements of the “Know Your Client” compliance process. Even though Puerto Rico’s banking regulations are not as strict as in other countries, collecting documents is usually time-consuming and challenging.

 

Astra Trust’s extensive expertise allows us to predict well in advance what documents a bank may request. We are not only your first point of contact with popular banks of Puerto Rico. Our services also include: (1) filling in all required application forms and questionnaires on your behalf; (2) direct communication with a bank’s manager; (3) drafting additional documents (if requested by a bank); (4) 24/7 online support for our clients in all matters related to opening an offshore account.

 

In order to open a Puerto Rico bank account, you will need the following documents:

Open an account for an individual

Open an account for a company
1. Corporate documentation (articles of associations, memorandum, certificate of shareholders, etc.) 1. Identification documents (passport or national ID, driving licence)
2. Additional documents depending on a chosen bank (minutes of meetings, company’s latest financial statements) 2. Documents proving the place of residence (utility bills, tax declaration, phone bill, etc.)
N/A 3. Additional documents depending on a chosen bank (professional reference, medical card, bank statement, proof of funds, etc.)

 

3. Evaluation of documents

Puerto Rico’s banking laws oblige banks to thoroughly evaluate obtained documents. In this regard, the overall process to open an account at Puerto Rico banks can take up to 3 weeks. However, the advantage of banks in Puerto Rico is that they allow remote account opening. That’s why prospective account holders do not need to visit a bank in person to submit their documents.

 

FAQ ABOUT BANKS IN PUERTO RICO

  • Can I open an anonymous bank account in Puerto Rico?

Anonymity is no longer possible due to heightened compliance requirements, particularly the well-known “KYC” protocol (i.e., “Know Your Client”). At the same time, banks in Puerto Rico take client confidentiality very seriously. Since the banking system in Puerto Rico does not participate in CRS, account holders can be confident that their data won’t be shared with third parties.

 

  • Is it safe to deposit money with offshore banks in Puerto Rico?

The first and most important thing to know about Puerto Rico is that the banks in Puerto Rico are part of the US banking system. Puerto Rico’s banking regulator (Office of the Commissioner of Financial Institutions) supervises and regulates the island’s financial sector along with exercising prudential oversight.

 

And last but not least, Astra Trust only cooperates with reputable and reliable banks of Puerto Rico with a long history, good track record and thousands of satisfied clients.

 

  • Who is eligible for offshore banking in Puerto Rico?

The opportunity to obtain a Puerto Rico bank account is open to all non-residents. Foreigners and foreign companies incorporated in jurisdictions other than Puerto Rico can enjoy the benefits of the local banking system.

 

Banks in Puerto Rico welcome online gambling, betting and dating businesses that may struggle to open an account in other jurisdictions.

 

Puerto Rico’s banking system is in the process of rapid expansion. Consequently, banks in Puerto Rico are actively seeking to attract foreign capital into their banking ecosystems.

 

  • How much does it cost to open an account in Puerto Rico?

By far, the most popular question after “How to open a bank account in Puerto Rico?” is probably “How much should I pay for it?” Astra Trust is ready to assist you in opening a bank account with international banks in Puerto Rico. Our services include all paperwork, including drafting of documents, communication with the banks and full guidance through the entire process of opening an account.

 

Please note that depending on the chosen bank, monthly maintenance fees and requirements for the initial deposit or a minimum monthly deposit may differ. Contact us now, and we will advise you on all applicable banking fees.

 

  • Is offshore banking in Puerto Rico the right choice for my business?

There is no straightforward answer to this question. It all depends on the geography of your business, the clients you work with, as well as the nature of the business itself. Offshore banking in Puerto Rico is not a universal solution for all types of businesses. Contact Astra trust now and get free advice on the most suitable jurisdiction for your business to open an account.

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